It is the minimum amount of wealth one must have before they are liable to pay Zakat-ul-Mal. Pay Zakat-ul-Mal SALAM is a tax-exempt, non-profit organization dedicated to promoting Islamic teachings, understanding, and unity among all Muslims in the Greater Sacramento community. 3 troy ounces of gold is approximately $6,112 as of December 14, 2023. The Zakat Foundation of America offers our own zakat calculator to help you determine how much zakat you need to pay. Use our Zakat Calculator to calculate your zakat. However, zakat is not payable in the case of fixed assets such as buildings, if they are not subjected to "capital circulation". Assets that exceed a minimum value Zakat need only be paid on those assets that exceed a minimum value. This minimum value is calculated based on the market price of 85 grams of gold or 595 grams of pure silver. Zakat, one of the five pillars of Islam, is obligatory on all Muslims who meet the Nisab values. Nisab is the minimum amount of net capital that a Muslim must possess in order to be eligible to pay Zakat, which is prescribed as the equivalent of 87.48 grams of gold and 612.36 grams of silver, respectively. Zakat al-Fitrah is a special form of obligatory zakat given at the end of the month of Ramadan, during the day of Eid. The estimated recommended value of zakat al-fitrah, for 2021, in the United States, is US $10.00 per eligible person (click here to view how it was calculated). The sum must be paid on a person’s behalf as well as on behalf Zakat is a right which the poor have over the wealthy; it is the duty of the wealthy to fulfil this responsibility to those who are less fortunate. The Qur’an specifies exactly who may receive Zakat: “alms are only for the poor and the needy, and those who collect them, and those whose hearts are to be reconciled, and to free captives and Zakat Al-Fitr is traditionally paid at the end of the fasting in the Islamic holy month of Ramadan. The minimum amount due is the equivalent of about 2 kg of wheat flour, rice or other staple foodstuff, per member of the household, including dependents, even if they do not live in the same house. Approximately $7 per head is a safe estimated Zakat definitions. Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’. Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies. “Zakat is basically like taxes but, while taxes go towards the country, zakat goes to those who are in need,” he said. Zakat is mandatory to all adult Muslims who earn a minimum amount of money each year — known as nisab. Traditionally, the nisab threshold was 87.48 grams of gold or 612.36g of silver. Minimum amount [] It is an obligation on Muslims to pay 1 / 40 (2.5%) of the wealth which they have had for a full lunar year, 1 / 40 (2.5%) of goods used for trade, and 5% or 10% of certain type of harvests depending on irrigation. Exempt from Zakat are a person's house and personal transportation. 8b7i.